Dubai banks offer relief for coronavirus impacted customers
Leading Dubai banks that have joined the effort to provide relief to their customers include Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai.
The measures support the plans that have already been put in place by the UAE government and the Central Bank of the UAE's AED100 billion stimulus unveiled earlier this month.
Here are five new measures which will come into effect as of Wednesday April 1 until the end of June:
Benefits for customers of Emirates NBD, Mashreq and Commercial Bank of Dubai:
1. Customers who have availed personal loans, auto loans or mortgages can apply for a one month repayment holiday with zero fees.
2. Customers who have availed personal loans, auto loans or mortgages and have been placed on unpaid leave by their employers can approach the bank for loan repayment holiday of up to three months with zero interest and fees.
3. Customers who may need to cancel their travel bookings done on their credit and debit cards will receive a refund of the foreign currency transaction fees charged by the bank.
4. Customers using credit cards for cash withdrawals will enjoy 50% reduction in the cash advance charges.
5. Credit card holders can benefit from interest-free instalment plans for all school fee payments as well as grocery purchases with no processing fees for up to six months.
Benefits for customers of Dubai Islamic Bank and Emirates Islamic:
1. Customers who have availed personal finance, auto finance or mortgages can apply for a one month repayment holiday with zero fees.
2. Financially impacted customers (unpaid leave, other valid reasons) can request up to three deferred monthly instalments without fees and profit charges.
3. Customers using credit cards for cash withdrawals will enjoy 50% reduction in the cash advance charges.
4. Credit cardholders can avail 0% Easy Payment Plans on school fee transactions with zero processing fee.
5. Debit and credit cardholders can request refunds on foreign currency charges related to Travel/Hotel cancellations.